News
Biodiesel tax incentive not in spending agreement
The National Biodiesel Board (NBB) has learned that the
government spending deal that’s being worked on before Friday’s shutdown
deadline is likely a blow to the biodiesel industry, “All indications at this
point are that there’s unlikely to be any extraneous items including tax
extenders like the biodiesel tax credit.”
Kurt Kovarik is NBB’s federal affairs director tells Brownfield there’s a lack of urgency in Congress for reviving it and the biodiesel industry is hurting, “We’re hearing stories of plants reducing capacity which ultimately leads to the purchase of less feed stock which means lower prices for commodities for farmers and then layoffs at plants.”
Iowa Senator Chuck Grassley says a bill to revive it will
have to originate in the House and there’s no telling when that will happen. On
Monday, the NBB thanked 44 U.S. House members – led by Dave Loebsack, Democrat
from Iowa and Darin LaHood, Republican from Illinois – who have asked
congressional leaders to fund the biodiesel tax credit for multiple years at a
time.
The biodiesel tax incentive was renewed retroactively for
2017 last February but left expired for 2018 and beyond.
